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Market Report

New Haven-Fairfield County
Office Market Report

2Q 2022

Older Class B/C Properties to Benefit as Connecticut
Developers Stick to Built-to-Suit

Smaller leases propel Class B and C availability to new lows. The sharp slowdown in development that began in 2020 has heavily benefited the metro's existing inventory, particularly lower- and mid-tier properties. Class C buildings constitute the majority of New Haven County stock, where vacancy ended the first quarter at 7.8 percent, 340 basis points under the pre-pandemic rate. New tenants here were typically small-scale professional services firms seeking out sub-1,000-square-foot floor plans. However, Yale University's link to the biotech industry is attracting more life sciences firms to New Haven's CBD, a potential boon for mid- and larger-scale leasing.
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